China's CPI up, PPI decline narrows in December 2024

The core CPI, which deducts food and energy prices, climbed 0.4 percent year on year in December, compared with a 0.3-percent rise in the previous month, according to data released by NBS.

For the whole year of 2024, CPI rose 0.2 percent.

The figure suggests that consumer spending remains rather weak, Shi Fanqi, an assistant professor at the School of Economics, Peking University, told CGTN. He added that more government stimulus measures are needed to further boost residents' income and consumer expectations.

Meanwhile, the producer price index (PPI), which measures costs for goods at the factory gate, fell 2.3 percent year on year in December, narrowing from November's 2.5 percent decline. 

NBS statistician Dong Lijuan attributed the PPI drop to factors including seasonal production slowdowns and fluctuating international commodity prices.

Key industries contributing to the PPI decline included petroleum, coal and other fuel processing, and oil and natural gas extraction. However, these sectors, along with several others, showed narrowing declines compared to the previous month.

(With input from Xinhua)